Cambridge Global Payments, a Fleetcor company, has launched its fully integrated Invoice Automation Solution.
The new offering provides a fully integrated process to simplify foreign vendor payments directly from the original invoice.
It works by procuring information directly from invoices, spreadsheets, PDFs and other sources, eliminating the requirements of manual entry.
Businesses can use the solution to pay invoices immediately as well as can schedule a payable date with a fixed exchange rate.
They can also procure data from each invoice to enable systems integration from disbursement to reconciliation. Furthermore, it allows customised reporting to support internal processes, income review and projections.
Overall, the Invoice Automation Solution is designed to improve the complicated, time consuming and costly international payment process.
Besides expediting the process, businesses can use it to gain more control over payments not available in manual, paper-based process.
Cambridge Global Payments president Mark Frey said: “Invoice processing has historically been a manual process that consumed a lot of time and money.
“Our Invoice Automation Solution provides businesses with a simple, secure solution – from invoice receipt, to payment remittance, through to reconciliation, saving time and improving data collection and reporting processes.”
Invoice Automation Solutions managing director Anthony Loiacono said: “Invoicing isn’t one size fits all anymore – even when it’s automated. This programme is tailored to fit every business individually.
“This is great news for businesses that have been slowed down by low productivity, high invoicing costs, lack of in-house international banking expertise, and the added risk of currency fluctuations.
“A move to an automated solution will also support the changing role of the AP department, allowing it to switch focus from administrative tasks to policy and regulatory tasks, quality assurance, and analysis.”